The Cold War was long and drawn out, but sides were delineated and from what I gather moves were somewhat predictable.  As such, it might have been something like a global chess game with potential world-ending ramifications.Lately Putin has escalated his opposition to certain U.S. missile shield plans and scenarios that might not have been around since the 1980s now seem to be resurfacing.  Does anyone see this latest issue to be the beginnings of a new Cold War?  Or do you think the nature of the world economy, global politics, or mutual understanding has progressed to a point which makes another "Cold War" highly unlikely?

Russia is in no position to renew a full blown Cold War with the United States.  Putin is searching for relevance for his country and he senses that the unilateralism of the United States is a tell tale sign that his country no longer needs to be consulted in global politics.  Basically, Putin is suffering from impotence and frustration with his own foreign policy and he hopes butting heads with us will sure up his position at home.  Nothing new here.

Maybe so, but don't you think Russia still holds enough sway to shake things up?  With commitments in Afghanistan and Iraq by the U.S., Russia certainly can cause more alarm now.  The U.S. cannot want any additional significant diplomatic entanglements at the moment and perhaps this is what Putin is thinking.  Russia still commands a significant number of nuclear warheads and although its birthrate may destroy it down the road, it is still a key world economic nation.

Russia is cash starved, overrun with organized crime, and fatigued by Islamic terrorism in Chechnya.  Russia is quite frankly teetering on the brink of chaos in so many ways.  Putin is former KGB and he still thinks in KGB terms.  The problem is, he doesn't control his country as much as he likes to think he does, and so he is willing to ratchet up tensions with us to make the appearances that he is in more control that he really is.  The fact of the matter is Russia needs the U.S. now more than ever for foreign aid.  Militarily, Russia is weaker than it has ever been, and its nuclear arsenal is still dangerous yes, but there is no credible reason now for us to think they would use them against us...but I concede things can change if Putin ever becomes desperate enough...say if he were about to lose his power etc...

What about Russia's new oil and gas wealth, Donnie?   Maybe that's what's emboldening Putin. I wouldn't exactly say they were cash starved now.  Corrupt, yes.

Russia's economy is about 1/10 the size of ours.  They are several generations behind us technologically now, and fossil fuels are are only a limited means of acquiring wealth.  Much of Russia's oil and natural gas deposits are in Siberia where they cannot be harvested without great expense, while the rest remains in the Caucus Mountain regions.  It takes billions of dollars to build refineries and maintain pipelines etc....Russia lacks the investment capital to buildup her infrastructure without foreign investors chipping in.  Russia, then, must raise cash by other extra-legal means such as arms sales and the contracting out of her nuclear scientists to countries like Iran who have nuclear ambitions.  Russia's economy is a wreak even though it has improved lately.  Still an improved wreak of an economy is hardly anything we need to fear.  China poses a far greater economic threat to us than does Russia.  China's manufacturing prowess will net them far greater returns than Russia's fleeting resurgence based on its fossil fuel resources. IMHO

Russia has long been one of the leaders, if not the leader, in oil and natural gas production.  They also have the largest deposits of enrichable uranium in the world as well.  The problem is, their land is very harsh climate wise, which makes mineral extraction very expensive.  They might have more of it, but they also have to pay more to produce it.  Russia's long term recovery will reside in its manufacturing and small entreprenuerial middle class.  Oil will play a part, but it isn't the fix all to their problems. :-